Deal Dispatch: McCormick, Unilever Merge, Sysco Acquires Jetro Restaurant Depot For $29 Billion, QVC Cons

New On The Block

Kanen Wealth Management has urged the board of Xponential Fitness to “immediately initiate and publicly announce” a formal review of strategic alternatives, including the sale of the company. After speaking with investors and the company’s “prolonged” valuation dislocation, Kanen believes most shareholders would support a strategic review.

General Atlantic plans to hold an auction for ACES, a provider of applied behavioral analysis and ancillary services for individuals with autism. Axios first reported the sale, noting that the process follows Elysium Management‘s $75 million acquisition of autism provider InBloom.

SBA Communications Corp. is exploring strategic options, including a potential sale, following preliminary takeover interest from large infrastructure investors, according to Bloomberg. The U.S.-based wireless tower owner and operator is working with advisers to evaluate inbound interest, the sources said, requesting anonymity due to the confidential nature of the discussions. No final decisions have been made, and a transaction is not guaranteed.

Updates From The Block

U.S. food distributor Sysco is acquiring family-owned Jetro Restaurant Depot for approximately $29 billion. Both companies' boards of directors have approved the acquisition; however, it is still pending regulatory approval. Jetro shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares, Bloomberg reported.

McCormick & Co. (NYSE:MKC) and Unilever PLC (NYSE:UL) have announced a definitive agreement to merge McCormick with Unilever's Foods business. Unilever’s shareholders will own approximately 65% of the combined entity’s fully diluted shares, for a total value of $29.1 billion. Unilever will also receive $15.7 billion in cash, subject to closing adjustments.

Apollo Global Management is in advanced talks to acquire private jet fixed-base operator Atlantic Aviation from KKR & Co. in a move that values the company at approximately $10 billion.

Eli Lilly (NYSE:LLY) has entered into an agreement to acquire Centessa Pharmaceuticals Plc (NASDAQ:CNTA) for approximately $7.8 billion. The deal is set to close in the third quarter, subject to shareholder and board approval. The upfront cash is approximately $6.3 billion, with an additional potential value of approximately $1.5 billion.

Biogen Inc. (NASDAQ:BIIB) agreed to acquire all outstanding shares of Apellis Pharmaceuticals (NASDAQ:APLS) for approximately $5.6 billion. The transaction will enhance Biogen's revenue growth by adding two immunology and rare disease medicines to its growth portfolio. Dealmakers expect the transaction to close in the second quarter, subsequent to regulatory and board approvals.

The Carlyle Group Inc. (NASDAQ:CG) will acquire a majority stake in MAI Capital Management in a deal valuing the firm at more than $2.8 billion. MAI Capital Management, which serves high-net-worth clients, will leverage Carlyle's resources to expand its services while maintaining its leadership and operational independence.The transaction is expected to close in the second quarter, subject to regulatory approvals.

Miller Environmental Group, a Coalesce Capital portfolio company, has acquired Haz-Mat Environmental Services, a provider of industrial and waste treatment and disposal services, and Canco, a leading provider of industrial services.

26North Partners has entered into a definitive agreement to acquire Intermedia Intelligent Communications, a global provider of AI-powered cloud communications, from funds managed by Madison Dearborn Partners. Terms of the deal remain undisclosed.

Cyclerion Therapeutics (NASDAQ:CYCN) and Korsana Biosciences, Inc., a privately-held biotechnology company, will merger agreement for an all-stock transaction. Upon completion of the transaction, the combined company plans to operate under the name Korsana Biosciences, Inc. and trade on Nasdaq under the ticker symbol "KRSA." The transaction is expected to close in the third quarter of 2026.
Amazon (NASDAQ:AMZN) is having conversations surrounding the potential purchase of satellite-based telecommunications group Globalstar (NASDAQ:GSAT) in a deal that would value the transaction at around $9 billion.
Franklin Templeton has agreed to acquire crypto firm 250 Digital. The firm will join Franklin’s Crypto unit. The transaction is expected to close in the second quarter and will be paid partially using BENJI tokens, Franklin Templeton’s blockchain-based mutual fund.

Off The Block

An affiliate of H.I.G. Capital has completed the acquisition of Global Elite Group (GEG), a U.S.-based provider of aviation security, from Securitas AB. "Partnering with H.I.G. marks an exciting new chapter for GEG as we accelerate our growth, invest further in our people and capabilities, and continue delivering the high-quality service our customers expect," Victor Anderes, CEO of Global Elite Group, said in a press release.
Iowa-based dealership Porsche Des Moines has been sold to Ed Morse Automotive Group. The transaction closed on April 1. The dealership will continue operating under the name Porsche Des Moinse.
Enterprise Finance management platform OneStream has completed its acquisition by Hg, an investor in European and transatlantic technology and services businesses. The all-cash transaction values OneSteam at $6.4 billion. OneStream’s Class A common stock has stopped trading on the NASDAQ. Minority investors include General Atlantic and Tidemark.
QXO (NYSE:QXO) has completed its acquisition of Kodiak Building Partners from Court Square Partners. The acquisition, valued at $2.25 billion, expands QXO’s market to more than $200 billion. Owning Kodiak will expand the company’s sales opportunities to homebuilders and general contractors, QXO executives stated.
Goldman Sachs completed the acquisition of Innovator Capital Management for $2 billion in cash and equity. The deal, which was first announced in December 2025, adds Innovator's “specialized expertise” in defined outcome ETFs, a press release stated.

Bankruptcy Block

IO Biotech, Inc. (NASDAQ:IOBT) filed for Chapter 7 bankruptcy and said it will cease operations in Delaware. Shares of the stock fell approximately 75% on Tuesday, following the announcement.

Clinical-stage biotechnology company Lipella Pharmaceuticals has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Western District of Pennsylvania as the company seeks to undergo a sales process in order to maximise its value for creditors.

QVC is in negotiations with creditors and is considering a Chapter 11 bankruptcy filing. The company noted in a recent notification of a late 10-K filing that "there remains substantial doubt about the company's ability to continue as a growing concern."
Pennsylvania Brewing Company, which operates as Penn Brewery, has filed for Chapter 11 bankruptcy as it seeks to reorganize and restructure its debts. The 40-year-old craft brewery lists its assets at $50,000 and its liabilities between $1 and $10 million.

For the previous edition of Deal Dispatch, click here.

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CGThe Carlyle Group Inc

$46.07-%

CYCNCyclerion Therapeutics Inc

$3.660.55%

GSATGlobalstar Inc